With all regulatory approvals in place, Steenkampskraal Holdings prepares for AIM and JSE listing with its Steenkampskraal monazite mine in the Western Cape of South Africa. While US-based  REE and gold company, Idaho Strategic Resources, adds the Lemhi Pass REE-Thorium project, in central Idaho, to its belt.

Thorium (Th) is a naturally occurring, weakly radioactive element commonly associated with the REE mineral monazite. Not only is monazite rich in light REEs vital to renewable energy technologies and EVs, but it also resides as one of the principal sources of thorium, containing as much as 20% thorium phosphate in some deposits. Although widely abundant in the Earth’s crust, thorium is concentrated in a small range of Th-enriched minerals and deposits, including monazite-enriched placer and vein-type deposits.

Monazite is one of the main minerals processed in China to recover rare earths. Given the close association with thorium, most REE-focused mining companies and exploration projects with thorium-rich REE minerals consider it a drawback and must follow strict protocols to safely separate, dispose or store thorium to avoid any environmental concerns. Both Steenkampskraal and Lemhi Pass host significant REE volumes locked in with thorium and a by-product thorium market would improve economics as well as reduce the associated radioactive waste storage footprint.

The commercial market for thorium is small and has limited applications, due to nonradioactive substitutes taking over. However, the drive towards carbon-free energy and accelerated growth of nuclear energy has led to more research focussing on thorium as a nuclear fuel. Compared to uranium, the thorium fuel cycle has the potential to reduce environmental and safety concerns, produce more energy for the same weight as uranium and offer more long-term energy security. Although it would take several years to commercialize, countries like the United Kingdom, China and India are investigating thorium-based nuclear power to help meet national climate goals. Unlocking thorium demand has the potential to materially support tightening rare earth supply, and vice versa.